Saudi Arabia’s Alkhair Capital is raising its capital more than twofold to 1 billion Saudi riyals (Dh979 million) as the Sharia-compliant investment company looks to expand its portfolio of in the financial sector. The company has already received approval from the Capital Markets Authority in the kingdom to increase its capital base from the current 300m riyals, it said in a statement. The new capital injection will be distributed across several financial investment products, including support for margin financing and expansion into underwriting and management of initial public offerings. Alkhair will also set up new funds to invest in sectors including health care, education and financial technology, it said without disclosing a timeline or the size of the planned funds. The company is also in the process of upgrading its trading platform to enhance its brokerage operations, it added. “Following the recent developments in the rules and regulations related to the Saudi financial market, we can see numerous opportunities for expansion and continued growth,” said company chief executive Khalid Al Mulhim. “These include possible geographical expansion and continued efforts to attract the best and brightest new talents.” The kingdom has introduced a raft of reforms in recent years, winning endorsements from international index compilers MSCI and FTSE Russell as it seeks to position the Tadawul bourse as an international capital markets hub. Local shares were incorporated into the FTSE emerging-market index in March and are joining MSCI emerging market benchmark in phases. Alkhair Capital manages investments valued at approximately 10bn riyals, including private portfolios and private funds in the health care, food and education sectors of the kingdom as well as fixed income. The company, which has maintained a presence in the Dubai International Financial Centre since 2014, plans to become “a much more significant player” in the UAE market, it said.